News

Fiserv releases latest fraud risk-mitigation, anti-money laundering solutions

October 1, 2009

Fiserv Inc. has announced the availability of Fraud Risk Manager 4.6, the newest version of its multichannel fraud-detection and management solution.

According to a news release from Fiserv, the company also is making available its AML Manager 4.6, an anti-money laundering solution.

Fraud Risk Manager and AML Manager are designed to enhance and optimize financial institutions' financial crime risk-management operations by delivering best-in-class fraud and anti-money laundering transaction monitoring that is integrated with a common platform for automated alert intelligence and investigation, case management and regulatory reporting.

As banks consolidate their fraud and anti-money laundering functions, this unified platform supports an enterprise-wide view of risk, which is of growing concern to FIs throughout the world, says Neil Katkov, PhD and senior vice president of Celent's Asia Research Group:

Financial institutions are seeking ways to integrate their compliance and fraud operations in order to create an enterprise-wide view of risk. But siloed business units and systems are a significant barrier. Solutions that address this issue have the potential to bring the goal of enterprise compliance closer and to help generate efficiencies on both an organizational and systems level.

Fraud Risk Manager 4.6 is an end-to-end, scalable environment combining transaction and customer monitoring for accurate detection. With a library of more than 300 user-configurable alert definitions, Fraud Risk Manager 4.6 from Fiserv is designed to provide extensive coverage and to allow users to quickly adapt to new fraud threats.

Fraud Risk Manager 4.6 monitors customer characteristics, account information and non-financial events, such as an address change, new debit card and PIN requests or change in ownership.

AML Manager from Fiserv is a fully integrated anti-money laundering system. It combines risk-based transaction monitoring, watch list filtering, CDD/KYC features, investigation tools, case management and automated reporting, delivering a high degree of detection accuracy and operational efficiency. The 4.6 release offers several new or optimized capabilities in areas like list matching, behavioral profiling and reporting.